Eligibility
To apply for a business savings account your company must meet the following requirements:
- The business must be incorporated in the UK and have been registered at Companies House
- Have less than 250 employees in the current financial year (6 April – 5 April)
- Have either a total balance sheet less than £35 million or less than £40 million in annual turnover
- Be depositing between £25,000 and £1 million
To apply for this account you must:
- Be an active Company Officer named on the Companies House for this Small to Medium sized Enterprise (SME) entity
- Have a UK registered mobile phone number
If you are unable to complete an application online please contact our Customer Services team on 020 3857 3050 to discuss available options.
Key account information
What’s the interest rate?
Balances of £25,000 or more
4.50% | 4.55% |
| Gross PA* | AER** |
The minimum opening deposit for this account is £25,000.
Please note, interest is calculated daily, compounded and is paid into the SME Notice Account twice-yearly on 1 January and 1 July. The interest rates shown are managed rates***.
*Gross PA means Gross Per Annum, i.e. before tax is deducted (at the legal rate).
**AER stands for Annual Equivalent Rate and illustrates the interest rate you would earn from a savings account over the course of a year, and it takes any compounding of interest into account.
***Managed rates refer to a variable rate that we can change at any time, however, we must give you at least one month’s notice of any reduction rate.
Can Close Brothers Savings change the interest rate?
Yes, the managed interest rate on this account is variable, this means we may increase or decrease the rate of interest at any time.
For example, we might review the interest rate on this account if the Bank of England base rate changes.
If the change is favourable to you, such changes may be made without notice. For interest rate reductions, we must give you at least one month’s notice.
For more information please see clause 10 of the Product Terms and Conditions.
What would the estimated balance be after 12 months based on a £25,000 deposit?
| Initial deposit | Interest earned after 12 months | Estimated balance after 12 months |
|---|---|---|
| £25,000.00 | £1,137.66 | £26,137.66 |
This example is based on the initial deposit at the time of account opening and does not take into account individual circumstances. It assumes no further deposits or withdrawals have been made, no changes to the variable interest rate over the 12-month period and that interest is paid twice-yearly.
How do I open and manage my account?
This account can be applied for online.
You can send us your funds by electronic transfer from your nominated bank account. Single or multiple electronic bank transfers can be used to send us your deposit.
The minimum deposit to open the account is £25,000. We must receive this within 10 calendar days of accepting your application. If you miss the funding window, you will need to reapply and be subject to the current interest rate and terms available at the time.
You may place additional funds, ensuring they do not exceed the maximum balance of £1 million.
Managing your account is easy, simply login to your online account. Alternatively, you can call or write to us.
A monthly statement will be sent out on the first working day of each month.
Can I withdraw money?
Yes, you may place a notice instruction to withdraw funds at any time using your online account, in writing or over the telephone.
The notice period to withdraw your funds is 95 days. The minimum amount you may place on notice is £5,000.
Once placed, notice cannot be cancelled or amended.
Your funds will then be repaid following completion of the applicable notice period.
If all of your funds are repaid we will close your account, or you may maintain a minimum balance of £25,000 to keep your account open.
If your account is closed before a scheduled interest payment, any accrued interest will be added to the account and the total balance will then be paid into your nominated bank account.
Additional information
Tax Information
We do not currently deduct tax from any interest paid to you. Tax status depends on individual circumstances and could change in the future.
Key documents
We recommend reading the information in the documents below before you apply. You may like to save or print them so you can refer to them in the future.